Whatsapp rival hike raises $175 million led by Tencent Valued at a $1.4 Billion

Whatsapp rival hike raises $175 million led by Tencent Valued at a $1.4 Billion : Hike Messenger – Indian Messaging Start Up, has raised more than $175 million in a funding round led by Foxconn Technology Group and Tencent Holdings Limited that values the company at nearly $1.4 billion.

On Tuesday, the company said in a statement that India’s only homegrown messaging platform – Hike Messenger has so far raised $250 million overall in four rounds of investment. The fourth round of investment being the highest of all round of investment.

Its existing investors Tiger Global, Bharti Enterprises and SoftBank Group also participated in the fourth round of the investment.

The company said in the statement that The homegrown messaging platform – Hike Messenger has 100 million users in India out of which 95 percent are Indians. On an average, Hike users exchange 40 billion messages per month and spend 120 minutes per user per week on the platform.

Founder and Chief executive of Hike, Kavin Bharti Mittal said that the new fund raise is going to allow us to push Hike to greater heights and invest in areas that will be key to our long term vision and success.

The biggest competitor of Hike Messenger in India is WhatsApp which was owned by the Facebook Inc.